Accounts (Principles of Accounts)Control accountsWAEC
Opening receivables were ₦50,000. Credit sales were ₦300,000, cash received from customers ₦220,000 and returns inwards ₦10,000. Find the closing receivables.
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Answer: A. ₦120,000
50,000 + 300,000 − 220,000 − 10,000 = ₦120,000.
An AdmitMe practice question, written for the WAEC syllabus. Not an official past question.